Cross River State Is Broke

In Breaking News, Business & Economy, National News, Reports

by crossriverwatch admin

Broke-No-Money
Broke-No-Money

There are indications that the Cross River State Government is gradually ebbing into financial insolvency.

In the past five months, the state has been finding it very difficult to settle its bills as at when due.

Competent sources close to the corridors of power explained that the payment of workers’ salaries, imprest, and the disbursement of funds to contractors has become a Herculean task to the state government of recent.

Our sources informed us that political office holders such as the Commissioners, Special Advisers and Assistants, Permanent Secretaries etc of recent have been fueling official vehicles from their pockets as the monthly imprest has now become so scarce that when it comes, it calls for celebration.

CrossRiverWatch further gathered that it is as a result of this financial insolvency faced by the state that the Governor, Senator Liyel Imoke recently sought for approval from the State House of Assembly to raise a 40Billion Naira Bond.

The state is under a heavy debt burden, owing over a hundred billion Naira and numbering as the third most indebted state in the country with less than 3 Billion monthly allocation from the federation account having been stripped of it’s littoral status and oil revenue.

Another source also disclosed that a greater part of the present impecunious financial situation of the state is self-inflicted, because the meager resources of the state are now being pilfered into the electioneering process.

Some of the state government officials that CrossRiverWatch contacted over the matter were unwilling to comment openly but others who did not want to be quoted agreed that “the state has been in dire financial crises for a sustained period now. We just have to seek financial help somewhere if not this state will just break down at some point.”

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2 commentsOn Cross River State Is Broke

  • So sad! Well, the news is for those who are beneficiaries the state funds. Probably they will start feeling how the rest of us do, afterall the state’s stomach infrastructure isn’t going round.

  • Where has the money gone to? Corruption Corruption Corruption everywhere.

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